Financial Recovery and Leadership Change
emerged from bankruptcy, with RL Investor Holdings LLC acquiring the chain under a court-approved plan, signaling a potential financial turnaround.
Damola Adamolekun, formerly of 's, is appointed as Red Lobster's new CEO, bringing a commitment of over $60 million in new funding to support the brand's revival.
Operational Streamlining and Future Plans
Amid bankruptcy proceedings, Red Lobster closed 23 additional locations across the U.S., aiming to eliminate underperforming restaurants and streamline operations.
The chain plans to focus on operational improvements and strategic investments to rebuild its brand, aiming for long-term stability and growth in the competitive casual dining sector.